Corn futures at the Chicago Board of Trade were higher early on Tuesday following a surge in the soy complex and on renewed weather worries, traders said.
At 10:50 am CDT (1550 GMT), CBOT corn was up 2 to 6 cents per bushel, with July up 2-3/4 at $3.86-1/2 per bushel. New-crop December was up 5-1/2 at $3.88-1/2.
"Corn is following soy and there's some talk again about the ridge," a trader said. There have been concerns that an atmospheric high pressure ridge might form over the US Midwest which could block moisture from moving into the crop region and lead to a build-up of heat.
US farmers have planted the largest land area to corn in over 60 years because of decade-high corn prices amid the surging demand for corn to fuel the ethanol industry. Oat futures were 2 to 3-1/2 cents per bushel higher, with July up 3-1/2 at $2.94-1/2 per bushel.
Comments
Comments are closed.